Now more than ever, people are struggling financially and need help from their banks. Different banks are offering different levels of support and help for their customers. We’ve put together a guide to show you how your bank is planning on helping you to ensure your stay afloat during the COVID-19 lockdown.
One of the UK’s largest banks, Natwest have offered a number of different ways of supporting their customers. Recently, overdraft charges were upped to 39.49% EAR but during the lockdown period, this has been dropped down to 19.89% EAR. They’re also offering customers support for mortgages, giving homeowners a mortgage holiday for 3 months to help ease the cost of mortgages. They’ve also given customers who’ve taken out a loan the opportunity to defer loan repayments. This also won’t affect your credit score. You can find out more about the support that Natwest are offering during the Coronavirus lockdown here – https://personal.natwest.com/personal/support-centre/coronavirus
Santander have offered customers help and advice during the lockdown to ensure their customers are fully supported. Mortgage, credit card and loan repayment holidays have been put in place for 3 months, in line with other banks. If you have an arranged overdraft in place with Santander they’ve waived interest up to the first £500 of your agreed limit between 6 April until 9 July 2020. If you use more than £500 of your overdraft, they will charge a discounted arranged overdraft rate of 19.90% EAR during this period if the standard rate is higher. You can find more information here – https://www.santander.co.uk/personal/coronavirus
Lloyds Bank are also offering support to those impacted by COVID-19. In particular, they’re providing support to NHS staff and workers. They’ve been given priority access to call centres and have provided a number of different ways they can manage their money. They’re also offering mortgage payment holidays as well as £500 interest-free overdrafts for customers. There’s also an incentive in place to offer customers car repayment holidays for up to 3 months which will be recalculated based on your agreement. You can find out more information here – https://www.lloydsbank.com/help-guidance/coronavirus.html
Online banking company Monzo have also offered Coronavirus support for customers. They’ve capped all interest charges on overdrafts and this is applied immediately to any overdraft customers. If you’re a Monzo loan customer, you can also apply for a 3 month repayment holiday. They’ve also made it possible for customers to use contactless to promote safe payment in shops. You can pay for purchases up to £45 using contactless. You can find all the information you need about Monzo here – https://monzo.com/i/coronavirus-faq
Royal Bank of Scotland
Royal Bank of Scotland have provided their customers with support. Mortgage payment holidays have been put in place to support mortgage lenders. From Monday 30th March until 14th July, all of their Personal Banking customers using their overdraft will pay less. They’ve announced they’re keeping overdraft interest at their current rates and they won’t pay any fees or charges. RBS have also removed credit card late repayment fees up until June 30th 2020. You can find out all the information you need here – https://personal.rbs.co.uk/personal/support-centre/coronavirus.html
That shows what some of the UK’s major banks are doing to support their customers during the Coronavirus. You can contact the Coronavirus support number here to find out what support is in place for you.